Regulation Correspondent, Europe
Huw's Feed
Dec 13, 2013

UK accounting body wants to lighten the load of boilerplate

LONDON, Dec 12 (Reuters) – Company reports will continue to
balloon with irrelevant disclosures unless regulators are
clearer on what can be left out, an international accounting
body said on Friday.

There has long been talk of cutting back on boilerplate
disclosures and on the need to make them relevant, but little
concrete action has been taken, the Institute of Chartered
Accountants in England and Wales (ICAEW) said in a report.

Dec 12, 2013

UK accounting watchdog to review bookkeeping at banks

LONDON, Dec 12 (Reuters) – Britain’s accounting watchdog
will begin reviewing bookkeeping at banks in the second quarter
of 2014 to find out why the lessons of the financial crisis are
being applied so slowly.

Several banks in Britain had to be shored up by taxpayers
during the 2007-09 crisis, prompting policymakers to ask why
auditors gave the lenders a clean bill of health beforehand.

Dec 11, 2013

Eleven EU states to consider narrower transaction tax

LONDON (Reuters) – The 11 European Union countries that have pledged to tax financial transactions will consider narrowing the levy’s scope to shield pensions, government debt and markets that help to grease the economy, an EU document shows.

The aim of the tax is to make banks pay for some of the taxpayer money they received during the 2007/09 financial crisis, but worries over unintended consequences have mounted among some of the countries taking part.

Dec 11, 2013

Watchdog fines Lloyds record 28 million pounds for pushing sales

LONDON (Reuters) – Britain’s financial watchdog imposed a record 28 million pound fine on Lloyds Banking Group for the way it encouraged staff to sell 2 billion pounds of products that customers did not need.

The probe covered the sale of products such as critical illness or income protection between January 2010 and March last year. During this time over a million products were sold to about 700,000 people.

Dec 11, 2013

FCA fines Lloyds record 28 million pounds for pushing sales

LONDON (Reuters) – Britain’s financial watchdog imposed a record 28 million pound fine on Lloyds Banking Group for the way it encouraged staff to sell 2 billion pounds of products that customers did not need.

The probe covered the sale of products such as critical illness or income protection between January 2010 and March last year. During this time over a million products were sold to about 700,000 people.

Dec 11, 2013

UK watchdog fines Lloyds record $46 million for pushing sales

LONDON (Reuters) – Britain’s financial watchdog imposed a record 28 million pound ($46 million) fine on Lloyds Banking Group for the way it encouraged staff to sell 2 billion pounds of products that customers did not need.

The probe covered the sale of products such as critical illness or income protection between January 2010 and March last year. During this time over a million products were sold to about 700,000 people.

Dec 11, 2013

UK watchdog fines Lloyds record 28 mln stg for pushing sales

LONDON, Dec 11 (Reuters) – Britain’s financial watchdog
imposed a record 28 million pound ($46 million) fine on Lloyds
Banking Group for the way it encouraged staff to sell 2
billion pounds of products that customers did not need.

The probe covered the sale of products such as critical
illness or income protection between January 2010 and March last
year. During this time over a million products were sold to
about 700,000 people.

Dec 10, 2013

EU executive cautious on shadow banking controls

LONDON (Reuters) – The European Union’s executive has ruled out hasty curbs on “shadow banking”, or simplistic trading restrictions on mainstream lenders, in case it ends up crimping finance for the economy.

Testimony to Britain’s parliament from Patrick Pearson, a senior official at the bloc’s European Commission, signaled the latest softening in tone among regulators, fearful of unintended consequences of new rules for the flow of credit to companies.

Dec 10, 2013

MPs urge Britain to shape EU transaction tax debate

LONDON (Reuters) – Britain should cultivate allies and use its clout to stop a tax on financial transactions in 11 European Union countries from harming the City of London, a panel of UK lawmakers said.

The committee from the House of Lords (upper house) also said in a report on Tuesday the planned tax on derivative, bond and share trades was flawed and would undermine the EU single market.

Dec 10, 2013

UK lawmakers urge Britain to shape EU transaction tax debate

LONDON, Dec 10 (Reuters) – Britain should cultivate allies
and use its clout to stop a tax on financial transactions in 11
European Union countries from harming the City of London, a
panel of UK lawmakers said.

The committee from the House of Lords (upper house) also
said in a report on Tuesday the planned tax on derivative, bond
and share trades was flawed and would undermine the EU single
market.

    • About Huw

      "Huw is based in London and covers European regulatory issues and global rulemaking bodies such as the G20, Financial Stability Board, IOSCO, IASB and the Basel Committee. He has covered EU regulation in Brussels, the emergence pan-European stock markets, and has also been a Wall Street reporter in New York."
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